As reported by Bank of Oklahoma, 30 year fixed rate mortgages are at 6.375%. 15 year rates are 5.75%. Check their web site for Jumbo loans above $417,000, FHA, and VA rates.
February 27, 2008
Tulsa Bucks the Trend of Falling Home Prices!
U.S. home prices fell 8.9% in the last quarter of 2007 compared to the same quarter in 2006, according to the Standard & Poor’s/Case Schiller home price index that was released Tuesday. The decline was the steepest in the 20 year history of reporting on home prices.
But, here in little Tulsa, Oklahoma, right in the belt buckle of the Bible Belt, the median price of homes actually increased 6.5% over the last quarter of 2006 to $128,000. The median home price means that half of the homes sold were over $128,000, and the other half was under $128,000. It’s a good index to watch for the health of our real estate economy.
February 26, 2008
State of Oklahoma Foreclosures
As reported in the business section of the Tulsa World our Oklahoma foreclosures rose faster than the national average in January. We may have caught some of the ripples that have impacted the previous “hot” markets that have been experiencing declines.
The 1,232 filings gave the state a foreclosure rate of 0.078 % of all households, according to RealtyTrac, a real estate data service.
Bob Ball, economic research manager for the Tulsa Metro Chamber said the market is contracting somewhat, with home sales sliding 5.1% last year. However, he said it is a “slow, steady contraction.”
The good news is that foreclosures fell 12.8% in Oklahoma for all of 2007. We were one of only 6 states to report a decline last year.
I’ll report back next month after we get February figures in.
February 26, 2008
Median Home Prices in NE Oklahoma Increased in 2007
I don’t pay much attention to the national press when they report real estate trends. The Associated Press and other syndicates rarely tell the story of what is happening in northeastern Oklahoma! We are fortunate to live in this part of the United States. A good economic climate, great natural resources, and a steady labor force all combine to help our real estate values remain stable and actually increase.
Last year in 2007, Skiatook showed the largest increase of 20%! Glenpool was at a 12.28% increase, Bixby was 11.38%, Sapulpa was 9.52% and Tulsa was at a 4.19% increase. A list of all cities in the Tulsa Metro area can be found at http://tulsarealtors.com/medianprice.aspx. Check it out.
